Idenix currently has a non-nucleoside reverse transcriptase inhibitor (NNRTI), IDX899, for the treatment of HIV-1 that is being evaluated in phase I/II clinical testing. The company also has a comprehensive HCV discovery effort, comprised of a next-generation nucleoside polymerase inhibitor program, including IDX102 and IDX184, which are currently being evaluated in advanced preclinical testing, and HCV non-nucleoside polymerase inhibitor and HCV protease inhibitor programs.
As a result of this restructuring, Idenix will incur between $5 million and $10 million in charges, primarily associated with one-time employee severance benefits and the write-off of certain assets. The company continues to expect to end 2007 with between $100 million and $110 million of cash, cash equivalents and marketable securities. Idenix estimates that this restructuring will result in savings of $40 million to $45 million on an annual basis.
"We have taken the steps necessary to streamline our organization and significantly reduce our expenses, while continuing to maintain the strength of our balance sheet," said Ronald Renaud, Jr., chief financial officer of Idenix. "We believe that we are now well-positioned to fund the advancement of our HIV and HCV discovery and development programs through 2009."
About Idenix/Novartis Collaboration
Idenix and Novartis Pharma AG established a collaboration in May 2003, at which point Novartis became a majority shareholder in Idenix. Currently, Novartis owns 56% of Idenix and has first right of refusal to Idenix's pipeline.
Idenix Pharmaceuticals, Inc., headquartered in Cambridge,
Massachusetts, is a biopharmaceutical company engaged in the discovery and
development of drugs for the treatment of human viral and other infectious
diseases. Idenix's current focus is on the treatment of infections caus
|SOURCE Idenix Pharmaceuticals, Inc.|
Copyright©2007 PR Newswire.
All rights reserved